$BTC is sitting on support.

However, underneath it a large cluster of long liquidations will be triggered. Another cluster sits around $75k.

Overhead, shorts liquidations have piled up above $85k all week. The lower clusters currently appear more fragile than those above.

Bitcoin moved into an early recovery in Q3, even as the Fed resumed tightening.

Our Q4 2026 Charting Crypto report with Coinbase Institutional reads the data behind it. Its outlook: constructive, with reasons for near-term caution.

Download the report: https://glassno.de/4s56RtH

Buyers kept refilling the $BTC book today.

The low timeframe view shows that the large bids that sat at $80k for the last week were filled and new large bids were placed, pushing price up systematically.

Now we see the support level under $80k weakening again.

$BTC sellers capitulated again yesterday.

Every burst of loss selling came right at a local bottom: early August, mid-August and mid-September.

Profit taking has slowed since the September high.

If the pattern holds, yesterday's selling just above $80k would mark the floor.

Weekend selling has hit altcoins hard.

As fear from equities spills into crypto, the typical altcoin is down over 5%. If the weekend closes like this it would be the largest weekend drop since April.

Since the $BTC low in June, buying Friday and selling Sunday was profitable.

Altcoin leverage is still running hot.

Prices have pulled back since leverage peaked earlier this month, yet over 40% of large caps still sit near their highest leverage of the year. In mid caps, that share is at a yearly high.

A deeper drop would put many longs at risk.

Short-term profit-taking has weighed on $BTC.

Two weeks ago we flagged short-term holders in profit sending the largest share of exchange inflows in a year. This selling has weighed on price since.

The flow has now eased back to its average yearly level.

ETF buyers came back in size yesterday.

US spot $BTC ETFs took in $663M, the most in a day since September, and all of it went into BlackRock's IBIT.

That single day erased the funds' net outflows for October. Follow-through would confirm the demand is back.

The Q4 levels for $BTC have held so far.

Last month, together with @colin_basco and the @CoinbaseInsto team we put resistance at $87K to $87.8K in our Charting Crypto report. We read the data as near-term consolidation.

Price stalled there and ranged below it ever since.

A break out of the range is likely to spark significant volatility, although another overhead supply cluster sits around $90k.

Read our full quarterly report below👇
https://twitter.com/glassnode/status/2110737242608246947

Binance asks and the biggest liquidation clusters sit around $87K.

The top buyers still cap $BTC price near the same levels.

A daily close above that level with ETF inflows would show buyers absorbing the supply.

More in this week's Week On Chain

$BTC is boxed in between $80K and $87K.

Below, buyers refilled the bids at the ETF and treasury cost basis. Above, the top buyers' break-even, the main asks and the largest liquidation clusters share one zone.

More on ETF flows, MSCI and altcoins in this week's Week On-chain.

BTC treasury companies are in profit but barely buying.

They hold $BTC at a cost basis of about $80K, and price has closed above it since September 18.

In profit, buying can feed on itself: purchases lift price, price lifts their shares, and their shares fund more purchases.

$BTC is testing the ETF cost basis around $81K again.

The same level capped the May rally before a deep drop, and caught last week's sweep from just below.

A convincing close below it would put mid $70K levels back into play.

Traditional finance is moving onto crypto rails.

Perpetuals on stocks, gold and oil grew into a large part of perp trading on major venues while $BTC sat in a bear market.

Our new report with Fasanara Digital examines what that means for allocators.

Speculation rotated into equities during Bitcoin's bear market.

On Hyperliquid, TradFi perps hit over 3x the $BTC perp's volume in August, just when BTC investors capitulated.

More in our report with @FasanaraDigital:
https://glassno.de/fasanara-q4